SMJ Energy not partner to agreement
SMJ Energy Sdn Bhd has no current equity stake in the SB-403 Production Sharing Contract (PSC) and is not a party to the agreement. However, the company holds a back-in right that could allow it to join as a partner in the future, subject to exploration success and various factors such as commercial viability, technical feasibility, and environmental considerations. In response to RimbaWatch s call for the Sabah state government to halt oil and gas exploration activities within Block SB-403, which is entirely located within the Tun Mustapha Marine (TMP) Park, SMJ Energy emphasized its commitment to acting as a prudent financial investor and collaborating with reputable oil and gas companies with strong Environmental, Social, and Governance (ESG) records. RimbaWatch, an environmental watchdog, expressed concerns that oil and gas activities in the TMP, a Category VI IUCN protected area, could harm the marine environment, including reefs, mangroves, and vulnerable species. These activities also pose a threat to the livelihoods of over 85,000 villagers, particularly those from the Bajau Laut and Ubian communities. RimbaWatch criticized the lack of transparency from Petronas and the Sabah State Government regarding planned oil and gas activities in the marine protected area. The group urged the Sabah authorities to deny permits for such activities, with Petronas committing to not exploring in protected areas, and the Department of Environment to disclose the status of any Environmental Impact Assessments (EIAs). In summary, while SMJ Energy currently has no stake in the SB-403 PSC, it holds a back-in right that could lead to future involvement. The company has responded to environmental concerns raised by RimbaWatch, emphasizing its commitment to responsible investment and collaboration with reputable partners. RimbaWatch has called for greater transparency and stricter regulations to protect the TMP s marine environment and local communities.
Source: theborneopost.comPublished on 2024-09-25
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